Distressed homeowners on Maui are learning their homes may now have equity
Homeowners in Maui who found themselves underwater during the housing crisis are discovering that they may now have equity resulting from exceptional price increases in the last 6-8 months.
“We have gotten so used to the downward trends from the past few years that most people don’t know that prices are increasing rapidly,” said Lee Potts, Aloha Realty Group broker, CDPE.
“The impact of these price increases means that people who used to be underwater may now finally have equity in their homes again.”
Many homeowners in this situation had to resort to foreclosure, short sale (selling the home for less than what is owed on the mortgage) or other alternatives.
“Today, those homeowners that have been able to wait until the market improved may be able to sell the home without having to take the hit that a foreclosure, or even a short sale, will have on their credit,” Potts said.
As a Certified Distressed Property Expert (CDPE), Potts is specially trained to help homeowners facing foreclosure understand their options, and to help them understand all the facts of their circumstances.
“It’s important that homeowners in distress understand that they’re not alone. There are alternatives to foreclosure, and with recent equity gains, many may have a viable way out of a difficult situation,” Potts said.
Potts has developed a free report entitled “3 Reasons Your Home May Be Worth More Than You Think,” which is accessible from his website, www.alohapottshelpsmauihomeowners.com.